Further Re-rating of HDFC Bank to come from Core earnings growth: Angel Broking

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst- Banking, Angel Broking):

"RBI allowed fresh buying by Foreign investors in HDFC Bank as the, investments in the banks by FII had fallen below 72%. HDFC Bank's has always attracted premium valuations in the industry and has been a preferred pick by foreign investors and accordingly we saw strong buying today in the counter. However, going ahead we believe the stock performance will depend on the core business growth, which we believe will pick up from FY18."

Shares of HDFC BANK LTD. was last trading in BSE at Rs.1377.15 as compared to the previous close of Rs. 1327.35. The total number of shares traded during the day was 5524506 in over 60701 trades.

The stock hit an intraday high of Rs. 1450 and intraday low of 1361.25. The net turnover during the day was Rs. 7821065968.

Source : Equity Bulls

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